Gen Z and The Gig Economy: What Role Are New Generations Playing in Entrepreneurship?

It’s an important question that entrepreneurs of all ages should be asking.

Anyone who has started a new company or decided to venture into self-employment knows that when chasing success we also have to face the fear of failure. Fortunately, for younger entrepreneurs, recent studies have shown that 71% of Generation Z expect to experience significant failure before achieving success. Nearly 40% say they see failure as an opportunity to try again, making them the perfect generation for entrepreneurship. In fact, did you know that 42% of Gen Zers plan to start their own businesses and 3% already run their own business? This sense of fearlessness could certainly be positive for the entrepreneurial community. Here’s why:

Why Gen Zers Can Be Great Entrepreneurs

Having grown up with technology, the internet, and social media in their household, Gen Z is often stereotyped as tech-addicted, anti-social, or “social justice warriors.” However, access to various sources of knowledge has also given them the possibility to earn additional cash through freelancing and part-time work, as 77% of them earn money through an extra gig. This hasn’t only helped Gen Zers learn how to manage their income, but it has also given them a sense of fulfillment that older generations didn’t necessarily have.

The intrepid desire for constant improvement, an innate knowledge of all things tech, and a better understanding of money management than previous generations, give Generation Zers a great opportunity to become entrepreneurs, and the only way for other generations to stay competitive with their businesses is to embrace younger generations and learn from them.

More about Generation Z

According to Business Insider, “Generation Z (aka Gen Z, iGen, or centennials), refers to the generation that was born between 1996-2010, following millennials. This generation has been raised on the internet and social media, with some of  the oldest finishing college by 2020 and entering the workforce.”

A few facts about Generation Z are:

  • Generation Z, is the youngest, most ethnically-diverse, and largest generation in American history
  • A recent Robert Half publication explained that 77% of Gen Zers believe they will need to work harder compared to those in past generations to have a satisfying and fulfilling professional life
  • This same article shared that 32% percent of Gen Zers believe they will be managing employees in a corporate environment within the next five years
  • Finally, Robert Half reported that honesty and integrity were the top quality sought in a boss, cited by 38 percent of respondents; this was followed by mentoring ability (21 percent)

Whether you’re a part of Generation Z or a predecessor, there’s no denying that this generation seeks happiness and job satisfaction more than others. Thanks to their values and multicultural DNA, there’s no doubt that Gen Zers will enrich entrepreneurship in a way no one has before.

The Gig Life

Whether you are building towards your dream of being your own boss or looking for ways to pay for that big credit card purchase, The Gig Life is your source for helpful tips, resources, inspiration and community. We also stand behind our message and support the gig community- we look to inspired freelancers and offer gigs. Our goal is to provide you with useful and entertaining content that inspires! Follow our blog for more.


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